Saudi Arabia’s ACWA Power began construction works on a 240MW wind energy project in Azerbaijan with an investment value of 1.125 billion riyals ($300 million)
This follows the signing of a power purchase agreement (PPA) and investment agreements the wind power project, which is located in the Absheron and Khizi regions of Azerbaijan, a statement said.
The Saudi utility developer signed initial implementation agreements with Azerbaijan’s Ministry of Energy in January 2020. The independent power producer (IPP) wind project will be developed under a build, own, operate (BOO) model.
The project is expected to help Azerbaijan meet its target for renewable energy by supplying 30 percent of the country’s energy requirements by 2030.
ACWA Power is a big investor in other central Asian states such as Uzbekistan, where it is developing multi-billion-dollar power projects. In December 2021 its unit signed PPAs worth $108 million wind farms in Uzbekistan.
(Reporting by Brinda Darasha; editing by Seban Scaria)
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